Weatherford International (NASDAQ:WFRD) Trading Up 5.2% on Earnings Beat

Shares of Weatherford International plc (NASDAQ:WFRD - Get Free Report) were up 5.2% during mid-day trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $126.00 and last traded at $124.18. Approximately 242,464 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 812,216 shares. The stock had previously closed at $118.09.

The company reported $1.50 EPS for the quarter, beating the consensus estimate of $1.41 by $0.09. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.33 billion. Weatherford International had a net margin of 8.12% and a return on equity of 56.68%. Weatherford International's revenue was up 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.97 EPS.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on WFRD shares. Benchmark reaffirmed a "buy" rating and issued a $155.00 price objective on shares of Weatherford International in a research report on Wednesday. Piper Sandler raised their price target on shares of Weatherford International from $138.00 to $180.00 and gave the stock an "overweight" rating in a research report on Monday, April 8th. Barclays initiated coverage on shares of Weatherford International in a research report on Wednesday, February 28th. They set an "overweight" rating and a $135.00 price target for the company. Bank of America raised their price objective on shares of Weatherford International from $123.00 to $135.00 and gave the stock a "buy" rating in a research note on Monday, April 15th. Finally, TheStreet raised shares of Weatherford International from a "c" rating to a "b" rating in a research note on Monday, March 11th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Weatherford International has a consensus rating of "Buy" and a consensus price target of $131.00.

Insider Transactions at Weatherford International

In other news, CEO Girish Saligram sold 60,000 shares of Weatherford International stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the transaction, the chief executive officer now owns 146,895 shares in the company, valued at approximately $15,213,915.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Weatherford International news, CEO Girish Saligram sold 60,000 shares of the business's stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the sale, the chief executive officer now directly owns 146,895 shares in the company, valued at $15,213,915.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Benjamin Duster sold 12,000 shares of the business's stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $97.58, for a total transaction of $1,170,960.00. Following the sale, the director now owns 24,801 shares in the company, valued at $2,420,081.58. The disclosure for this sale can be found here. Insiders have sold a total of 135,455 shares of company stock worth $13,628,764 in the last quarter. Company insiders own 2.20% of the company's stock.

Hedge Funds Weigh In On Weatherford International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WFRD. AE Wealth Management LLC purchased a new stake in Weatherford International in the third quarter valued at approximately $243,000. SG Americas Securities LLC boosted its holdings in shares of Weatherford International by 30.4% in the third quarter. SG Americas Securities LLC now owns 6,385 shares of the company's stock valued at $577,000 after acquiring an additional 1,487 shares during the period. State of Alaska Department of Revenue acquired a new stake in shares of Weatherford International in the third quarter valued at approximately $773,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of Weatherford International during the third quarter worth $297,000. Finally, Bfsg LLC acquired a new stake in shares of Weatherford International during the third quarter worth $973,000. 97.23% of the stock is owned by institutional investors and hedge funds.

Weatherford International Trading Up 5.9 %

The company has a quick ratio of 1.37, a current ratio of 1.79 and a debt-to-equity ratio of 1.86. The company has a fifty day moving average of $112.90 and a two-hundred day moving average of $100.33. The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of 22.13, a P/E/G ratio of 0.91 and a beta of 0.73.

About Weatherford International

Weatherford International plc, an energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.